Advisor also handed a $600,000 fine
A Canadian Investment Regulatory Organization (CIRO) hearing panel has permanently banned a former Ontario mutual fund dealer representative and fined her $600,000 following findings of client fund misappropriation.
Following a sanctions hearing held on April 28, 2026, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules imposed a permanent prohibition on Josephine Sudario from conducting securities-related business while employed by or associated with any CIRO Dealer Member, along with a $600,000 fine.
The fine includes two components: $260,972 to disgorge funds obtained from her contravention of the Mutual Fund Dealer Rules that she did not repay, plus an additional penalty of $339,028. Sudario is also required to pay $15,000 in costs.
Admissions and conduct findings
In an agreed statement of facts, Sudario admitted to misappropriating or otherwise obtaining monies from clients — some or all of which she did not repay or account for — and to failing to cooperate with the CIRO staff investigation into her conduct.
The violations occurred while Sudario was a registered dealing representative with PFSL Investments Canada Ltd. in Woodbridge, Ontario. She is not currently registered in the securities industry in any capacity.
The hearing panel's decision, is dated May 21, 2026, and is available on the CIRO website.
